Active

1912 E 2nd Street

Long Beach CA, 90802

$4,995,000


$516.97 per sqft

Active

9,662 sqft

Condo

Built in 1923

Listed by Shane Young with Younglewin Advisors, Inc. 562-318-0215

We are pleased to present a well maintained 19-unit apartment building in Long Beach, California. The property is well-located just steps from Bixby Park and the Pacific Ocean in Long Beach's vibrant Alamitos Beach neighborhood. The property's excellent location also offers tenants convenient access to the numerous popular dining, shopping and entertainment opportunities on Broadway, Retro Row and in the rapidly redeveloping Downtown Long Beach.
1912 East 2nd Street consists of a two-story 1923 construction building that contains 11 studios, 6 one-bed/one-bath and 2 one-bed/one-and-one-half bath units. The property is securely gated and boasts a well-maintained art deco facade, an inner courtyard, and a two-car garage in the rear. Parking is a highly sought-after amenity in this neighborhood and could demand premium additional income.
The property also has RUBS in-place to lower ownership's expense. 1912 E 2nd is priced attractively at a 12 GRM, and a 5.14% cap rate with 20% upside in NOI. The current loan is assumable at an interest rate of 3.67% and 64% LTV.
The excellent location combined with strong cash flow makes it an outstanding opportunity for an investor to add value and capture substantial potential upside in rents and long term appreciation.

PW24131544

MLS ID

June 26, 2024

Listed

July 8, 2024

Updated

Map

1912 E 2nd Street
Long Beach CA, 90802

Interior Features

Total Stories

2


Laundry Description

Common Area


Fireplace

No


Cooling

No


Heating

No

Exterior/Building Features

Lot Size

0.19 Acres


Lot Features

Near Park, Value In Land


Sewer

Public Sewer

Other Property Details

Area Name

4 - Downtown Area, Alamitos Beach


Days on Market

1


Garage

Yes


Garage Spaces

2


Parking Total

2


View

No


County

Los Angeles


Water Source

Public


Pool

No


Pool Features

None


Zoning

LBR4R


Buyer Agency Compensation

2%

Listing Contact: 562-318-0215 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 7/8/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 7/8/2024 at 9:10 AM UTC

 

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